Permanent Capital Management LP Invests $2.17 Million in O-I Glass, Inc. $OI

Permanent Capital Management LP acquired a new position in O-I Glass, Inc. (NYSE:OI) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 167,295 shares of the industrial products company’s stock, valued at approximately $2,170,000.

A number of other institutional investors also recently bought and sold shares of OI. Headlands Technologies LLC purchased a new position in O-I Glass during the second quarter valued at $29,000. Smartleaf Asset Management LLC raised its stake in shares of O-I Glass by 64.1% in the second quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock worth $35,000 after buying an additional 918 shares during the period. State of Wyoming purchased a new position in shares of O-I Glass during the 2nd quarter valued at about $35,000. GAMMA Investing LLC lifted its position in shares of O-I Glass by 31.7% during the 2nd quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company’s stock valued at $50,000 after buying an additional 820 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of O-I Glass during the 2nd quarter valued at approximately $51,000. 97.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Truist Financial decreased their target price on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their target price on shares of O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Wall Street Zen downgraded shares of O-I Glass from a “strong-buy” rating to a “buy” rating in a report on Sunday. Finally, Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and increased their price target for the stock from $14.00 to $17.00 in a research note on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.67.

O-I Glass Price Performance

OI stock opened at $14.94 on Monday. O-I Glass, Inc. has a one year low of $9.23 and a one year high of $16.04. The company’s fifty day moving average price is $13.43 and its 200-day moving average price is $13.50. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.84 and a current ratio of 1.33. The company has a market capitalization of $2.29 billion, a PE ratio of -15.89, a price-to-earnings-growth ratio of 0.23 and a beta of 0.78.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share (EPS) for the quarter. The company had revenue of $1.59 billion for the quarter. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%. On average, equities analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

About O-I Glass

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.